HK Tycoons Save Star Entertainment in 11th-Hour Casino Deal (2)

Star Entertainment Group Ltd. staved off imminent collapse after the struggling Australian casino operator struck a last-minute deal to sell its stake in its new Brisbane complex to its Hong Kong tycoon partners.

Chow Tai Fook Enterprises Ltd. and Far East Consortium Enterprises Ltd. will pay A$53 million ($33.4 million) for Star’s stake in the Brisbane project, Far East said in a statement. The first payment of A$35 million will be made Friday.

The deal injects immediate funds into Star’s near-empty accounts, and also relieves the company of further cost blowouts at the multibillion dollar resort on Australia’s east coast. ...